When water gets in the oil and mixes it forms an emulsion which looks like a milkshake. Chocolate milkshake if trans oil is motor oil, strawberry milkshake if trans oil is transmission fluid. If no water then motor oil will look either yellowish or slightly brownish, depending on how clean it is, but smooth in consistency, not frothy or whipped looking. Transmission fluid should be red to slightly brown, depending on how clean it is, and not burnt smelling, and smooth in consistency, not frothy or whipped looking.

Depends on what actually is in there. If it is trans fluid like a pink milkshake. If it is actually 15-40 motor oil brownish milky color. Some people prefer to run the motor oil as it helped quieting the trans.